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April 8 , 2021 RIOT Riot to Acquire Whinstone , Creating a US Based Industry Leader in Bitcoin Mining Combination of leading US - based Bitcoin miner with owner and operator of America's largest Bitcoin hosting facility will create leading US - based corporate pillar in support of the Bitcoin mining network Castle Rock , CO , April 08 , 2021 ( GLOBE NEWSWIRE ) -- Riot Blockchain , Inc. ( NASDAQ : RIOT ) ( " Riot " , " Riot Blockchain " or the " Company " ) announced today that it has signed a definitive agreement pursuant to which Riot will acquire Whinstone US , Inc. ( " Whinstone " ) , including all of its assets and operations , for consideration of $ 80 million cash plus a fixed 11.8 million shares of Riot common stock , equal to an implied total transaction value of approximately $ 651 million based on Riot's last closing price of $ 48.37 . • Whinstone is the owner and operator of North America's largest Bitcoin hosting facility , with 300 MW in developed capacity and an attractive long - term power purchase agreement • Diversifies Riot's revenues and catapults Riot into a market - leading position in the Bitcoin mining and hosting business • Creates significant financial and operational synergies for Riot • Provides a clear , and significantly de - risked , path to growth for Riot , as Whinstone's facility can be rapidly expanded by an additional 450 MW • Transaction valued at $ 651 million , $ 80 million payable in cash and remainder in shares of Riot common stock The acquisition of Whinstone is a transformative event for Riot and its shareholders . Riot views Whinstone as a foundational element in its strategy to become an industry - leading Bitcoin mining platform , on a global scale . Upon the closing of this acquisition , Riot is expected to be the largest publicly - traded Bitcoin mining and hosting company in North America , as measured by total developed capacity . " The acquisition of Whinstone is the most significant achievement in Riot's growth to - date and positions Riot as an industry leader in Bitcoin mining , " said Jason Les , CEO of Riot . " After the consummation of this transaction , we will have created a very clear path for the Company's future growth . Riot will wholly own the largest Bitcoin mining facility in North America , with very low power costs , and one of the most talented development teams in the industry . Whinstone will serve as the foundation of Riot's Bitcoin mining operations , upon which we will drive our goal of increasing the American footprint in the global Bitcoin mining landscape . " Riot will be able to continue rapidly scaling its self - mining business with Whinstone's industry - leading team . Led by Chad Harris , the Whinstone team has become an industry